Infraredx last week officially withdrew the planned initial public offering it hoped would raise $56 million, citing "unfavorable market conditions."
Burlington, Mass.-based Infraredx makes an imaging system that combines intravascular ultrasound and near-infrared spectroscopy to provide images of the interior of coronary blood vessels. The company says the device is designed to detect lipid-core-containing plaque, which it says is implicated in higher risk for heart attack or stroke.
The company set the terms for its public offering in late January, saying it planned to offer 4 million shares at a range of $13 to $15 each, and set out on a road show to drum up interest from investors.
Infraredx in February delayed the flotation, which would have seen it trading on the NASDAQ exchange under the "REDX" symbol.
“The registrant is seeking withdrawal of the registration statement because of unfavorable market conditions," Infraredx said in an April 2 filing with the SEC.
In December, Infraredx touted a study in the Journal of the American College of Cardiology showing its imaging technology could help cardiologists assess a patient’s risk for suffering a heart attack or stroke.